Paying the Cost to Be the Boss – Like Bruce Springsteen
Paying the Cost to be “The Boss”
“The avoidance of taxes is the only intellectual pursuit that carries any reward.” – John Maynard Keynes
Fans of Bruce Springsteen know that one of his nicknames is “The Boss”. Legend has it that Bruce got the nickname because he loved playing Monopoly backstage while waiting to play at his gigs. Bruce was always the banker and because he knew the rules of the game so well he generally won and earned his nickname – the Boss.
In order to be the Boss of your own Active Investing businesses, you need to take the time to learn the rules of the game. For your retirement businesses, your largest potential expense is taxes. In Plan to Not Pay Taxes, I lay out the basic rules for you to live up to half of your adult life on a tax free basis.
Your first step in implementing your Plan to Not Pay Taxes is positioning your money in a tax free circumstance. Some people have already done this. Some can do it in a few days. Others may need several years before being able to implement their Plan to Not Pay Taxes. Patience will definitely be rewarded in this circumstance.
Once your money is positioned in a tax free circumstance you will need to establish a company that your tax free money can invest in. Then you need to select which type of businesses make the most sense for you to generate tax free income in retirement:
- Cash Flow Businesses
- Real Estate Businesses
- Licensing Businesses
- Angel Investing Businesses
- Financial Trading Businesses
I know this will be disappointing to some but to successfully implement these strategies, you will need the skill to run these businesses as an Active Investor throughout your retirement. That’s why we participate in the Active Investor Group on Linkedin. At the appropriate time, you can then convert these strategies to passive strategies so you can sit back and sip on pina coladas at a beach of your choice.